Emerging Currencies Dip as US Retail Data Boosts Dollar
Expectations of a thaw in US-China relations during President Donald Trump’s summit with Xi Jinping backed demand for AI-related companies.
Photographer: Qilai Shen/BloombergMost emerging-market currencies fell Thursday on the back of a stronger dollar after US retail sales signaled consumer resilience in the world’s largest economy despite sharply higher gasoline prices.
The MSCI Emerging-Market Currency index edged lower, ending the session down less than 0.1%. The South African rand, the Chilean peso and the Mexican peso were among biggest laggards, while the dollar gained 0.3% — its biggest daily advance since April 29.